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Carl Karcher Enterprises / ANAHEIM

September 20, 1993| Researched by JANICE L. JONES/Los Angeles Times

Nature of business: Operates Carl's Jr. fast food restaurant chain Total employees: 11,000 In Orange County: 2,400 Stock listing in The Times On NASDAQ "Karchr" Ticker symbol: "CARL" Friday's stock close: $8.75 One-week change: Down $0.25 *

Analyst review: "Carl Karcher Enterprises faces a tough challenge operating in the present California economic climate. The company is in the midst of major changes and is cleaning up its balance sheet and paying down debt. It seems to be focusing on restaurant earnings and relying less on investment income. The debate over whether to introduce Green Burrito menu items is diverting management's attention at a critical time. Some say the plan would work well, while others strongly disagree. I don't have an opinion on this, however, such a major implementation should be accomplished step by step with sights set on the long term." --Douglas Christopher, analyst Crowell, Weedon & Co., Los Angeles

Revenue and Profit

Dollar amount in millions

1993 1994 1991 1992 1993 2 quarters 2 quarters Revenue 527.6 540.4 502.6 281.5 248.1 Profit 13.0 13.0 -5.5 4.0 3.1

Corporate outlook: "We are very encouraged by the early results of our strategic plan to improve the company's performance, both in terms of reducing operating costs and enhancing customer counts and overall sales. We still face many challenges. However, after developing the turnaround strategies through the first half of our fiscal year, the pace of improvement is accelerating." --Donald E. Doyle, president/CEO RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE:

Fiscal year ending Jan. 28 Jan. 27 Jan. 25 2 qtrs. 1991 1992 1993 1993 52-week high $11.00 $9.88 $11.13 $10.63 52-week low $5.50 $6.13 $6.75 $6.75 Book value per share $4.35 $4.93 $4.70 $4.70 Price per share $6.25 $8.75 $8.75 $7.88 Net profit per share $0.72 $0.72 ($0.31) $0.36 Price-to-earnings ratio 9:1 12:1 N/A 11:1 Avg. return on investor equity 16.5% 14.5% N/A 9.4%

Fiscal year ending 2 qtrs. 1994 52-week high $9.00 52-week low $6.75 Book value per share $4.82 Price per share $7.38 Net profit per share $0.17 Price-to-earnings ratio 22:1 Avg. return on investor equity 7.1%

For more information call or write, Carl Karcher Enterprises: 1200 N. Harbor Blvd. Anaheim, Calif. 92803. (714) 774-5796 Source s : Carl Karcher Enterprises; Bloomberg Business News.

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